Citing unnamed sources, the newspaper said Williams' deal with the Packers will average $8.25 million per year and is effective through 2014.
It reportedly includes a $6 million signing bonus and roster bonuses of $2.5 million in 2011, $2.8 million in 2012 and $300,000 in both 2013 and 2014.
The source said the package guarantees Williams $11.1 million.
The new contract puts him behind only quarterback Aaron Rodgers ($12.7 million), cornerback Charles Woodson ($9.73 million) and wide receiver Greg Jennings ($8.75 million) in average yearly salary on the Packers, the Journal Sentinel said.
Williams, 27, first joined the Packers' practice squad in November 2006.
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